After perusing the Safex Discord channel and reading some of the discussion around transactions and their associated fees, something pretty huge dawned on me.
Earlier this year, just before all the Christmas highs, Safex was troubled by the Bittrex delisting issues (referred to as Bittrexit).
A few exchanges got cold feet when they heard that Safex was going to be generating dividends. They didn't legally want to be wrapped up in how to deal with a currency that also paid dividends.
For what it's worth, Daniel Dabek, the Chief Architect of the cryptocurrency, Safex wrote an article outlining how Safex is not a security, and why the 'dividends' are not part of a profit, but simply an incentive for holding Safex Tokens to ensure [fiat] price stability.
While we are just weeks away from the main net launch (the discord members are getting very excited), the Safex team have made it clear that marketing will ramp up aggressively and so too, will the hunt be on for new exchange listings. But what if exchanges don't want to come to the party? I have an answer. The Safex marketplace can be used to buy and sell goods and services..
So why not sell fiat currencies on the Safex Marketplace itself?
I don't have a good reason why not to right now. It would seem to solve the first problem that caused such a huge decline in the price of Safex. No one had a place to sell it initially and turned to Safex themselves and a few smaller exchanges such as Trade Satoshi in order to effectively jump ship, as it were.
Here's the idea. Create a seller account (which does cost Safex tokens, but at minimal cost), find (or create) a section of the marketplace where you can create a listing for "X Fiat Currency". In my example it would be a listing for X Australian Dollars and because we are on the Safex marketplace the price would be in Safex Cash.
Eg. For Sale: AUD$500 for 5000 Safex Cash (Australian Residents ONLY).
Instead of posting an item to an address, you simply wire through the money to a bank account. Upon receipt of the "goods" (the fiat currency), the Safex Cash would be released. This will be a great short term solution for those who have the need for fiat currency before mass adoption and far more pervasive exchanges of Safex Cash for other forms of goods and services such as food, electricity and rent take hold.
The 'Buyer' Loophole.
Because the primary currency for exchange are units of Safex Cash, you can only list fiat currency for sale. You would technically be unable to list Safex Cash for sale (if you needed fiat), because Safex Cash is the primary medium of exchange. Get it?
Users who would need fiat money would simply have to find listings of those sellers of fiat currency for a Safex Cash at a price they're happy with.
Looking at the current chart and where price is sitting, considering main net is just around the corner and we are aware that the team at Safex will be putting everything behind the launch, now is probably a gift to buy in at. As the saying goes (and is often completely ignored, buy RED, sell green).
All the best,
Nick.
All content is original.
$SAFEX is my largest holding. I'm highly optimistic on this crypto and looking forward to the launch of Mainnet and then the opening of the marketplace later this year.
Hi:
Main net is scheduled to go live this month. Dan Dabek said in an August 6 update that the team would use "the entire time until the last day" as part of the launch. You will need to move your tokens to the Safex wallet in order to convert them. More instructions on that will be provided in the future.
https://safe.exchange/t/safex-development-update-august-6-2018/5003
Projects never launch on the exact day. They'll probably take a little longer but it's worth it because they have more time to make it purrrrrr
hi gtrplayer, i also own some SAFEX , but haven't checked any updates yet. When it Mainnet? Do we need to move the tokens like we did in TRON Mainnet?
@djohan as GTR said, end of Aug for mainnet. Dan will inform us of the process, but basically we will need to send our coins from our safex wallet to a burn address and we will be credited with safex token sitting on the safex block chain. We will also be credited with 0.0023 x number of safex tokens you have in Safexcash. #exciting
i see, thank you, i am just worried i might miss out on the migration. Will check their website for updates the next few days
You have 12 months. Don't worry.
I'm very much looking forward to it as well!
Perfect time for us hodlers... low prices.
Haha, Bittrexit....